Nepean – Q & A from Electors: What are the MLPC’s plans for the national debt?

Q: Do you believe the national debt is an important issue, and what, if any plans do you have for it?

A: Government debt exists because it serves the politics of paying the rich. To suggest government does not have enough revenue to finance its investments and must borrow from private individuals and institutions covers up the reality that government refuses to build a public economic base from which it can realize revenue to meet necessary investments.

To provide a new direction for the economy requires raising money through a direct government claim on various sectors of the economy and other means to pay for the business of government, its bureaucracy and other needs such as public security and a military for defence against imperialist aggression. Additional ways to raise revenue and direct the economy include public control of the wholesale sector and financial institutions, redefining and rationalizing existing public debt and its repayment, and expanding public enterprises. This requires a new pro-social direction for the economy that favours the working people.

 

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